JohnsInvestmentChronicle has moved to a new website. 95% of existing members have moved across. If you are one of the few who is yet to move, please follow these instructions: Any problems, please do not hesitate to get in contact. John   Click HERE, it will take you to this page - If you agree, click I agree and it will take you to - Click on Annual Membership £200 Select. You will not be charged anything. You will remain on your existing plan with no change to how or when your payments are collecte ..read more

SigmaRoc (SRC.L, AIM All-Share, Market Cap £231m, 83p, 3.8 of JIC Portfolio) Results for the year ended 31st December 2020. Conclusion: I have written about this stock a few times in recent weeks. Last year’s results reflect the progress it made, mainly through acquisition in late 2019 and 2020.  I’m invested in this management team to use their experience and expertise to build a European wide aggregates business. So far so good. Liberum reckon it beat expectations by around 5.0% and has increased forecasts by 10.0% going forward. On its new forecasts, the shares are valued at ..read more

Results for the year ended 31st December 2020 Surface Transforms (SCE.L AIM All-Share, Market Cap £142m, 73p, High Risk/High Reward, 2.5% target, currently 2.0% of JIC Portfolio) Conclusion: Last year was a breakthrough year in operational terms with it gaining new contracts, many of which start to contribute to financial returns later this year and into 2022. One of them, OEM8, is for a lifetime revenue of £27.5m but there is great potential for follow on orders on new models. I look forward to SCE revealing which automaker OEM8 is. An investment in Surface Transforms is all about the fu ..read more

SigmaRoc acquires Belgian concrete assets. SigmaRoc (SRC.L, AIM All-Share, Market Cap £210m, 75.0p, 3.4 of JIC Portfolio) Conclusion:  This comes quickly on the heels of it taking control of LafargeHolcim’s quarry operations two weeks ago. This acquisition and its splitting of the Belgian business further demonstrates its ambition in building not just a Belgian business but a wider Continental European one. Results are on 13th April and there will be a conference call for its “valued private investors” details below. For what it’s worth, Liberum has increased its target price to ..read more

A high-level look-through as at 1st April 2021   A reminder of what it looked like on 30th June last year.   Since June, I have made one change to classifications; mining and gold are now classified under Gold/Resources and not under USA ($ exposure). The main changes since last June: Drop in the USA exposure from 37.2% (excluding gold and mining) to 25.4% today. This is principally due to the drop in Tech/The Future from 26% to 16%. The doubling in the UK exposure to 26% through great performance from the two initial holdings and the addition of Premier Miton UK Smaller Compa ..read more

Returns of selected markets; over one week and since 1st January. (Sorted by one-week column) The markets started April with a spring in their step, contributing to a good week overall. The VIX volatility dropped below 20 for the first time in a year, and technology bounced back with the NASDAQ composite up 2.6%. Semiconductor stocks were especially strong on Thursday.  The JIC Portfolio was up 0.1% over the week compared to +0.2% for the All-Share Index. Notable moves from Wisdom Tree Cloud Computing ETF +4.9% and Syncona -6.0%. The JIC Funds’ Portfolio was up 1.5% v +1.0% for the ..read more

Syncona Ltd (SYNC.L Market Cap. 1721m, FTSE 250 Index, 259p and 2.5% of JIC Portfolio) Achilles, in which Syncona has a 27.0 per cent stake has announced the pricing of its IPO. At $18.0 per ADS (American Depositary Share) raising gross proceeds of £128m. For Syncona, it means its stake is worth £145.3m, an uplift of £50.6m or 7.5p per share. Achilles is focused on developing personalised T cell therapies for the treatment of solid tumours, specifically targeting neo-antigens Martin Murphy, CEO of Syncona Investment Management Limited, said: “Today’s milestone is a significant achievement for ..read more

Central Asia Metals (CAML, AIM UK 50, Market Cap £436m, 247p, 4.8% of JIC Portfolio) Results for the year ended 31st December 2020 Conclusion: The top line and profit figures are pretty much in line with expectations, perhaps a little ahead. It’s good to see the strong cash flow and the halving of its net debt. The lovely surprise is on the dividend front. Expectations were for the total dividend to be around 11.0p. The dividend represents 57% of its 2020 free cash flow which it says is a reflection of its strong end to 2020 and positive start to 2021. Last year was a commendable result g ..read more

Returns of selected markets; over one week and since 1st January. (Sorted by one-week column)   The 10 Year US Treasury yield drifted back from recent highs, and the S&P 500 had a good week, closing at an all-time high. The NASDAQ 100 was up, but the wider NASDAQ composite fell back a little.  As we head towards the end of Q1, the JIC Portfolios had a lacklustre week, with the JIC Portfolio down 0.6% and the JIC Funds Portfolio down 1.0%. Year to date, the JIC Portfolio is up 7.0% v +5.5% for the FTSE All-Share, and the JIC Funds’ Portfolio is down 0.8% v +3.8% for the FTSE All ..read more

Renew Holdings (RNWH.L; Aim UK 50. Market capitalisation: £419m, 556p, 4.8% of JIC Portfolio) Acquisition and trading update: Conclusion: Good to see trading is in line with expectations. The acquisition looks sensible. It’s a good strategic fit within its water business and it looks to be getting hold of it at a decent price. It is paying less than 6.0x last year’s pre-tax profits, (March 2020). The year just ended saw a dip in revenue of 20% due to the timing of capital expenditure in the industry. It says the run rate has recovered as activity has normalised. It is difficult to see thi ..read more